Nft Psychology

opensea-review

OpenSea has become one of the leading markets for NFTs. It was the first to launch a platform like this throughout the years. It has experienced rapid growth, as blockchain and NFT become more popular investments.

It’s also more well-known since celebrities and famous personalities have expressed their enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.

If you’re set on investing with NFTs, then starting from an appropriate marketplace can give you the leverage you require. This is why we wrote this review. OpenSea has always been the top NFT marketplace. But is it suitable for you?

Before you begin our review, we’d like warn you. This review is a long read. If you’d prefer to watch a video instead, take a look at this channel’s review. They will guide the user through OpenSea and its features so you’re fully aware before you dive into NFT trading.

For those who prefer the written word, go over what it is before we look into its fees and what it has to offer.

opensea-logo

Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick review. After, you’ll want to read the rest of the article for a more comprehensive review.

What is OpenSea? Nft Psychology

OpenSea provides a platform for non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can purchase, sell NFTs, and trade them with other users.

The available NFTs are not restricted to art, music, game items, and domain names.

It was founded in 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectibles. It was also one of the first NFT marketplaces, a concept that is similar to cryptocurrency.

Today, it is one of the largest NFT marketplaces. They have an extensive collection of NFTs that are constantly growing. One of the best things about them is that they allow users to sell NFTs purchased or made elsewhere.

How does OpenSea work?

If you’ve been selling or buying with cryptocurrency You’ll see NFT trading very similar.

For OpenSea, all of the assets that are listed on this platform belong to the users, not the platform. Because they’re a decentralized marketplace, they use smart contracts that allow users can communicate with potential buyers without having to risk losing their NFT ownership.

If the transaction is successful the digital assets will never leave your wallet. Furthermore, you’re not required to make your account. All you need is to have a web3-enabled wallet.

In the event that you’re buying you can utilize their website to search for NFTs that you’d prefer to purchase. They also have filters available to aid in your search.

Nft Psychology

> > Click Here to Explore OpenSea’s Marketplace < <

What kinds of NFTs are available to purchase from OpenSea?

There are more than 200 varieties of NFTs available to purchase through OpenSea. Here are 8 categories where they are typically placed. Let’s take a closer examine each.

Music

Music may be one of the most well-known NFTs all time. It’s not restricted to music only. You can also purchase mixtapes remixes of beats, remixes or anything else an artist is offering. You can also purchase background noises like rain, indistinct chatters and other sound effects.

Collectibles

Even before NFTs became popular, there were individuals were interested in collecting items such as baseball cards film props, or the older technologies.

In the case of NFTs, you can gather avatars, digital pets, and other characters that can be sold or taken home. The more rare they are, the more value they possess. There are also variants such as Nyan Cat and CryptoPunks.

Art

Art is always one of the most sought-after NFT since before NFT became a reality. As of today you can do the same with digital artworks. It’s not limited to illustrations and digital paintings. Gifs can be collected as well images, photos, or short video clips.

Trading Cards

It is also possible to collect digital trading cards like the ones from Sorare and BCCG.

Sports

Digital items related to sports can also be collected for example, animated team logos.

Virtual Worlds

VR space and other elements can be purchased. You can buy these metaverses or other things such as game items as well as the VR environment virtual objects, characters or even virtual worlds. A well-known instance is Axie Infinity.

Utility

As far-fetched as it sounds, you can also buy NFTs with specific functions. Examples include Emblem Finance and Urbit ID.

Domain Names

Websites can be considered to be NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down by any person. These types are also censorship-resistant.

bitcoin-coin

> > Click Here to Explore OpenSea’s Marketplace < <

What are the selling options?

Selling on OpenSea is easy. All you need to do is post them in the marketplace. You only have to ensure that your wallet is connected. Once you’ve added the price and type of auction and you’re ready to go.

For first-time sellers, you will be subjected to a one-time gas fee.

You can currently select among five selling options. They are:

Fixed Price

The seller is the one to charge the price of the NFT. Just as the name suggests the price never changes.

Dutch Auction

In Dutch Auctions, also known as Dutch Auction, the seller determines a price that will decrease in time. Sellers typically set up very high prices. As time passes, it will decrease until it is equal to the buyer’s bidding. Additionally, the buyer can present an offer. The NFT can be sold once they reach an agreement on the price.

English Auction

The seller will put up an NFT to sell and list an amount that is a minimum. This is different from that of the Dutch Auction, where the price drops as time passes. In the English Auction, buyers will bidding until the seller sells the auction to the highest bidder.

OpenSea will automatically accept the bid if the auction ends above 1 Etherium.

NFT Creation

You can also create your own NFTs via the platform. You can then sell them in the marketplace.

Bundles

If you are looking to sell multiple NFTs in one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items are available within the package.

crypto-trading

> > Click Here to Explore OpenSea’s Marketplace < <

Are there any fees?

It’s normal for crypto or NFT exchanges to charge fees to access the platform. Although the charged fee varies depending on the platform, it’s typically a percentage of the sale cost paid by the buyer. Similar to how regular galleries earn money by getting a share of the paintings that are sold.

With OpenSea, you will only be charged 2.5 percent when you buy an NFT. There are no listing fees or other types of surcharges involved. Other marketplaces charge 5% per sale, making OpenSea’s 2.5% fee affordable.

But, it is important to be aware that certain NFTs have higher transaction charges compared to others. This can vary between each seller. Some artists can also have an additional commission in addition to or from the imposed 2.5 percentage.

In addition, trading on Etheruem could be expensive. The NFT collection will be issued as a valid non-fungible token following the time your NFT bid is accepted. The cost of the process will vary based on the market conditions, however you can anticipate it to be about $100 per NFT.

Also, you should know that some NFTs charge extra commissions. For instance, game developers are paid 15 percent or more commissions for the items they’ve sold.

What are the payment methods?

OpenSea does not accept traditional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. That also means you cannot use PayPal credit, debit, or debit cards to pay or make a deposit. Nft Psychology

The NFTs can only be purchased or traded when your cryptocurrency is supported by OpenSea. Here’s a list of the blockchains and wallets that they can support.

Blockchains Supported by OpenSea

Wallets Supported by OpenSea

  • Portis
  • Fortmatic/Magic
  • MetaMask
  • Arkane
  • Coinbase
  • WalletLink
  • TrustWallet
  • Dapper
  • Torus
  • Authereum
  • OperaTouch
  • Bitski
  • WalletConnect
  • Kaikas

What are the pros and cons?

Let’s look at the benefits and disadvantages of using OpenSea.

Pros

OpenSea is decentralized, which makes transactions safe and nearly impossible to be scammed. Moreover, you can easily invest in NFTs even if you don’t have experience or knowledge about coding or blockchain. Nft Psychology

They also offer a range of digital assets, making them one of the largest NFT marketplaces. Low platform fees are also an excellent way for you to make more money.

Cons

While it is open source and has one of the most diverse NFT collections, it still has some limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat, it cannot support payments using currency like USD or Euros.

It is also necessary to establish a cryptocurrency wallet in order to sell or purchase on the platform.

Bottom Line

Similar to cryptocurrency, NFTs have been increasing over time. It’s very innovative and unusual, but that’s why it’s so attractive to people. OpenSea is an NFT marketplace that caters to a variety of NFTs. The number of categories available will increase as the industry becomes integrated with the decentralized finance.

The OpenSea ecosystem allows customers to conduct transactions without having to worry about privacy or security. Additionally, it doesn’t charge customers high charges. A 2.5 percentage cost on your sales appears reasonable, considering some marketplaces could charge as high as 5 %.

Overall, OpenSea is an excellent marketplace, both for NFT traders and professionals.

crypto-coins

> > Click Here to Explore OpenSea’s Marketplace < <

FAQ Nft Psychology

What do I need so I can utilize OpenSea?

OpenSea offers a mobile and desktop browser you can use. If you’re using it with your mobile phone, the browsers must work with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be fully charged to start.

Does OpenSea have a support staff?

Yes, they have a support team you can contact through its contact forms. Go to their website, and look on the page for “Submit a request.”

Are you able to mint at OpenSea?

You can make a mint using OpenSea. All you have make is to create an NFT and add it to the collection. When you’re ready to sell them, put them up for sale. It’s easy and gas-free, but you can also look over their instructional videos.

What are the costs for gas?

These are transactions fees that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium is a one-time fee and regular fees. Prices are determined through the marketplace, therefore they change at regular intervals.

What are the requirements I must meet before I can utilize OpenSea?

OpenSea has a mobile and desktop browser that you can utilize. If you’re using it with your phone on the go, your browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be fully charged to get started.

Does OpenSea have a support staff?

Yes, they have a support team that you can reach via their contact form. Visit their official website and look on the page for “Submit a request.”

Can you earn money at OpenSea?

You can make a mint using OpenSea. All you have be able to do is make an NFT and then add the item to your collection. When you’re ready to sell them, list them for auction. It’s easy and gas-free to do, however you should go through their tutorials.

What are gas fees?

These are transactions charges that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and regular fees. The prices are driven in accordance with the current market conditions, therefore they constantly change from time to time.

bitcoin-coins

> > Click Here to Explore OpenSea’s Marketplace < <

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